80.2K

Verified Solution

Link Copied!

view Policies TU Current Attempt in Progress Teal Mountain Stores has been in business for several years, uses a perpetual inventory system and has its own credit card, called Teal Mountain Credit. The business also accepts debit cards, and bank credit cards (Visa and MasterCard) as payment for sales. Teal Mountain is charged 4% for all bank credit card transactions and $0.50 per debit card transaction. Transactions for the business are shown below: May 1 Sales totalled $6.340. Of this amount, $2,100 of the sales were charged on the Teal Mountain Credit card and the remainder were cash sales. 15 Sales totalled $1.425. Of this amount. $900 of the sales were charged on the Teal Mountain Credit card and the remainder was paid for using Visa credit cards. 20 Received payments totalling $3.000 from Teal Mountain Credit card customers. 22 Sold goods totalling $1.410 to customers who used the Teal Mountain Credit card for payment. 30 Sales totalled 53.700. Of this amount. $1,000 of the sales were charged on the Teal Mountain Credit card, and $2.700 was paid for using MasterCard. 31 Sales totalled $3.700. All (80 transactions) were debit card transactions. 40 ENG 1 hs Added interest charges of $645 to outstanding Teal Mountain credit card balances. 8:10 PM 2021-11-24 June 5C to search harges of $645 to outstanding Teal Mountain credit card balances. Prepare the journal entries to record the above transactions. Ignore any inventory or cost of goods sold entries for the purposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275. Do not use accounts receivable use Credit card receivable.) Date Account Titles and Explanation Debit Credit May 1 May 16 5C 8:10 PM 2021-11-24

Answer & Explanation Solved by verified expert

See Answer